TIDMCCP
RNS Number : 2572X
Celtic PLC
13 February 2012
13 February 2012
CELTIC plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2011
Key Highlights
-- Turnover increased by 3.1% to GBP29.27m.
-- Operating expenses increased by 3.3% to GBP28.39m.
-- Profit from trading of GBP0.88m (2010: GBP0.92m).
-- Profit on disposal of intangible assets GBP3.15m (2010: GBP13.20m).
-- Profit before taxation of GBP0.18m (2010:GBP7.06m)
-- Period end bank debt of GBP7.05m (2010: GBP9.09m).
-- Investment in football personnel of GBP4.44m (2010: GBP9.00m).
-- 16 home fixtures (2010: 15).
-- Currently 1(st) in the Clydesdale Bank Premier League
-- Continued participation in both domestic Cup competitions.
For further information contact:
Ian Bankier, Celtic plc Tel: 0141 551 4235
Peter Lawwell, Celtic plc Tel: 0141 551 4235
Iain Jamieson, Celtic plc Tel: 0141 551 4235
Celtic plc
CHAIRMAN'S STATEMENT
I am pleased to report on our financial results for the period
of six months which ended on 31 December 2011. The key highlights
are set out in summary form on the introductory page.
On the park, the momentum that was lost at the start of this
football season has been more than recovered. At the date of
today's report we have a lead in the SPL, which we look to carry
through to the end of the season.
Our entry into this season's UEFA Europa League Group stages was
unorthodox, involving several visits to UEFA and eventually the
Court of Arbitration for Sport. We were successful in our claims
and the team also showed that we deserved to be involved,
performing well against top European opposition in a difficult
group.
European participation contributed to our turnover for the
half-year, which increased slightly (3.1%) over the previous year,
by GBP0.88m to GBP29.27m. This increase offset reduced revenues
from pre-season tours and merchandising. Both are areas where the
marketplace domestically and internationally remains very
challenging. Like many with a presence in the high street, we
continue to see difficult conditions driven by a squeeze on
household incomes.
Operating expenses also rose slightly, to GBP28.39m (3.3%), in
line with the increase in turnover, with our profit from trading
before asset transactions and exceptional operating expenses at
GBP0.88m (2010: GBP0.91m) virtually unchanged. The second half of
the financial year is expected to follow a similar trading pattern
to that experienced in previous years. Our period end bank debt of
GBP7.05m is around GBP2.0m less than at the same time last year,
and remains manageable, and well within the Club's facilities.
At this time last year we reported a profit from player transfer
activity of GBP13.20m. This year, the comparable figure is
considerably less, at GBP3.15m. The key dynamic driving these
interim results and our financial performance for the remainder of
this financial year is our player investment and transfer strategy.
We invested GBP4.44m in the first half of the year and have
followed this with further acquisitions in the most recent January
registration window. We can confidently say that the strength and
depth of the player pool now available to the Football Manager is
better than it has been for several seasons. This has been a
conscious decision that the financial discipline of the past has
allowed us to take. As a result, we have been able to enjoy the
virtuous trilogy of being able to keep our best players, build and
develop significant value in our player pool, and see improvements
in football performance.
Although we have a clear short term focus for this season, we
have not forgotten our future; it is very encouraging to see our
youth players holding their own in the Next Generation tournament,
the rising presence in the first team of talented young
professionals identified through our scouting system and Youth
Academy, and increases in the numbers of families and children
coming to watch them.
Finally, it would be remiss of me not to pay tribute in this
statement to our Football Manager, Neil Lennon. In the early part
of this season he faced an uncharacteristic run of poor results in
a calm, professional and resolute manner, and with unshakeable
self-belief he has put us in a strong position to challenge for all
3 domestic trophies.
The bond between this Club and its supporters has seldom been
stronger and as we move into the remainder of the football season,
there is much to look forward to.
Ian P Bankier 13 February 2012
Chairman
Celtic plc
INDEPENDENT REVIEW REPORT TO CELTIC PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 December 2011 which comprises the Consolidated
Statement of Comprehensive Income, Consolidated Balance Sheet,
Consolidated Statement of Changes in Equity, Consolidated Cashflow
Statement and the related notes. We have read the other information
contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the company those matters we are required to state
to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared using
accounting policies consistent with those to be applied in the next
annual financial statements.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
December 2011 is not prepared, in all material respects, in
accordance with the AIM Rules of the London Stock Exchange.
PKF (UK) LLP
Glasgow, UK
10 February 2012
Celtic plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months 6 months 6months 6months 6months
to 31 to 31 to to to 31 to
December December 31 31 December December 31 December
2011 2011 December 2010 2010 2010
Unaudited Unaudited 2011 Unaudited Unaudited Unaudited
Unaudited
Operations Operations
excluding excluding
CONTINUING OPERATIONS: player Player player Player
trading trading Total trading trading Total
Note GBP000 GBP000 GBP000 GBP000 GBP000
REVENUE 2 29,271 - 29,271 28,387 - 28,387
OPERATING EXPENSES 3 (28,388) - (28,388) (27,472) - (27,472)
----------- ----------- ----------- ------------ ----------- ------------
PROFIT FROM TRADING
BEFORE ASSET TRANSACTIONS
AND EXCEPTIONAL OPERATING
EXPENSES 883 - 883 915 - 915
AMORTISATION OF
INTANGIBLE ASSETS - (3,351) (3,351) - (4,878) (4,878)
EXCEPTIONAL OPERATING
EXPENSES 3 - - - (758) (761) (1,519)
PROFIT ON DISPOSAL
OF
INTANGIBLE ASSETS - 3,146 3,146 - 13,203 13,203
LOSS ON DISPOSAL OF
PROPERTY PLANT AND
EQUIPMENT (120) - (120) (293) - (293)
----------- ----------- ----------- ------------ ----------- ------------
PROFIT BEFORE
FINANCIAL EXPENSES
AND TAXATION 763 (205) 558 (136) 7,564 7,428
=========== =========== ============ ===========
FINANCE COSTS: 4
BANK LOANS AND OVERDRAFT (109) (108)
CONVERTIBLE PREFERENCE
SHARES (272) (264)
----------- ------------
PROFIT BEFORE TAX 177 7,056
TAXATION 5 - -
----------- ------------
PROFIT FOR THE PERIOD
FROM CONTINUING
OPERATIONS 177 7,056
----------- ------------
PROFIT AND TOTAL
COMPREHENSIVE
INCOME FOR THE PERIOD
ATTRIBUTABLE TO THE
EQUITY HOLDERS OF THE
PARENT 177 7,056
=========== ============
BASIC EARNINGS PER
ORDINARY SHARE 6 0.20p 7.84p
=========== ============
DILUTED EARNINGS PER
SHARE 6 0.33p 5.37p
=========== ============
Celtic plc
Registered number SC3487
CONSOLIDATED BALANCE SHEET
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Notes GBP000 GBP000 GBP000
NON-CURRENT ASSETS
Property plant and equipment 53,637 55,077 54,357
Intangible assets 7 10,640 14,879 10,364
------------ ------------ ---------
64,277 69,956 64,721
CURRENT ASSETS
Inventories 1,911 2,588 2,250
Receivables 8 5,576 13,720 5,837
Cash and cash equivalents 4,108 2,442 10,818
------------ ------------ ---------
11,595 18,750 18,905
------------ ------------ ---------
TOTAL ASSETS 75,872 88,706 83,626
============ ============ =========
EQUITY
Issued share capital 9 24,266 24,253 24,264
Share premium 14,443 14,399 14,399
Other reserve 21,222 21,222 21,222
Capital reserve 2,629 2,641 2,629
Retained earnings (22,334) (15,557) (22,511)
------------ ------------ ---------
TOTAL EQUITY 40,226 46,958 40,003
============ ============ =========
LIABILITIES
NON-CURRENT LIABILITIES
Interest bearing loans 10 10,781 11,156 10,968
Debt element of non-equity share
capital 4,441 4,437 4,438
Deferred income 184 195 142
------------ ------------ ---------
15,406 15,788 15,548
------------ ------------ ---------
CURRENT LIABILITIES
Trade and other payables 12,016 17,912 15,815
Current borrowings 499 505 506
Deferred income 7,725 7,543 11,754
------------ ------------ ---------
20,240 25,960 28,075
============ ============ =========
TOTAL LIABILITIES 35,646 41,748 43,623
============ ============ =========
TOTAL EQUITY AND LIABILITIES 75,872 88,706 83,626
============ ============ =========
Approved by the Board on 10 February 2012
Celtic plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Other Capital Retained Total
reserve reserve earnings
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
EQUITY SHAREHOLDERS'
FUNDS AS AT 1 JULY
2010 24,246 14,359 21,222 2,646 (22,613) 39,860
Share capital issued 1 40 - - - 41
Transfer from capital
reserve 5 - - (5) - -
Profit and total comprehensive
income for the period - - - - 7,056 7,056
EQUITY SHAREHOLDERS'
FUNDS AS AT 31 DECEMBER
2010 (Unaudited) 24,252 14,399 21,222 2,641 (15,557) 46,957
=============== =============== ========= ========= ========== =========
Transfer from capital
reserve 12 - - (12) - -
Profit and total comprehensive
income for the period - - - - (6,954) (6,954)
--------------- --------------- --------- --------- ---------- ---------
EQUITY SHAREHOLDERS'
FUNDS AS AT 30 JUNE
2011 (Audited) 24,264 14,399 21,222 2,629 (22,511) 40,003
=============== =============== ========= ========= ========== =========
Share capital issued 2 44 - - - 46
Profit and total comprehensive
income for the period - - - - 177 177
EQUITY SHAREHOLDERS'
FUNDS AS AT 31 DECEMBER
2011 (Unaudited) 24,266 14,443 21,222 2,629 (22,334) 40,226
=============== =============== ========= ========= ========== =========
Celtic plc
CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months
to to
31 December 31 December
2011 2010
Note Unaudited Unaudited
GBP000 GBP000
Cash flows from operating activities
Profit before tax 177 7,056
Depreciation 981 1,047
Amortisation 3,351 4,878
Impairment of intangible assets - 761
Profit on disposal of intangible assets (3,146) (13,203)
Loss on disposal of property, plant
and equipment 120 293
Finance costs 381 372
------------- -------------
Sub total 1,864 1,204
(Increase) / decrease in inventories 399 (813)
(Increase) in receivables (235) (134)
(Decrease) in payables and deferred
income (5,801) (4,270)
Cash (utilised in) / generated from operations (3,833) (4,013)
Interest paid (109) (108)
Net cash flow from operating activities
- A (3,942) (4,121)
Cash flows from investing activities
Purchase of property, plant and equipment (469) (439)
Purchase of intangible assets (5,957) (6,812)
Proceeds from sale of intangible assets 4,351 8,644
Net cash used in investing activities
- B (2,076) 1,393
Cash flows from financing activities
Repayment of debt (194) (194)
Dividends paid (498) (503)
Net cash (used) in financing activities
- C (692) (697)
Net (increase) in cash equivalents
A+B+C (6,710) (3,425)
Cash and cash equivalents at 1 July 10,818 5,867
Cash and cash equivalents at period
end 11 4,108 2,442
Celtic plc
NOTES TO THE FINANCIAL STATEMENTS
1. This Interim Report, comprising the Consolidated Statement of
Comprehensive Income, Consolidated Balance Sheet, Consolidated
Statement of Changes in Equity, Consolidated Cash Flow Statement
and accompanying Notes, has been prepared in accordance with the
AIM rules of the London Stock Exchange. The measurement and
recognition accounting policies applied are consistent with those
that will be applied in the 2012 annual accounts which will be
prepared in accordance with IFRS.
The interim results do not constitute the statutory accounts
within the meaning of s434 of the Companies Act 2006. The financial
information in this Report for the six months to 31 December 2011
and to 31 December 2010 has not been audited. The comparative
figures for the year ended 30 June 2011 are extracted from the
Group's audited financial statements for that period as filed with
the Registrar of Companies. They do not constitute the financial
statements for that period. Those accounts received an unqualified
audit report which did not contain any statement under sections 498
(2) or (3) of the Companies Act 2006.
The auditors have reviewed this Interim Report and their report
is set out earlier in this document.
2. REVENUE - SEGMENTAL INFORMATION
6 months to 6 months to
31 December 31 December
2011 2010
Unaudited Unaudited
GBP000 GBP000
Revenue comprised:
Football and stadium operations 16,446 16,670
Multimedia & other commercial
activities 5,004 3,442
Merchandising 7,821 8,275
29,271 28,387
============= =============
Number of home games 16 15
============= =============
3. EXCEPTIONAL OPERATING EXPENSES
There were no exceptional operating expenses this period. The
exceptional operating expenses in 2010 of GBP1.52m reflect labour
and ancillary charges of GBP0.76m as a result of onerous contracts
and impairment of intangible fixed assets of GBP0.76m.
4. FINANCE COSTS
6 months 6 months
to to
Payable as follows on: 31 December 31 December
2011 2010
Unaudited Unaudited
GBP000 GBP000
Bank loans and overdraft 109 108
Non-equity shares 272 264
Total 381 372
============= =============
5. TAXATION
After taking account of unutilised tax losses brought forward,
together with the projected performance for the next six months, no
provision for taxation is required.
6. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the
earnings for the period by the weighted average number of Ordinary
Shares in issue 90,229,640 (2010: 90,034,564). Diluted earnings per
share as at 31 December 2011 has been calculated by dividing the
earnings for the period by the weighted average number of Ordinary
Shares, Preference Shares and Convertible Preferred Ordinary Shares
in issue, assuming conversion at the balance sheet date, and the
full exercise of outstanding share purchase options, if dilutive.
As at December 2011 and December 2010 no account was taken of
potential conversion of share purchase options, as these potential
Ordinary Shares were not considered to be dilutive under the
definitions of the applicable accounting standards.
7. INTANGIBLE ASSETS
6 months to 6 months to 12 months
31 December 31 December to 30 June
2011 2010 2011
Unaudited Unaudited Audited
Cost GBP000 GBP000 GBP000
At 1 July / 1 January 29,618 30,283 30,283
Additions 4,436 8,998 10,294
Disposals (3,937) (5,143) (10,959)
------------- ------------- ------------
At period end 30,117 34,138 29,618
============= ============= ============
Amortisation
At 1 July / 1 January 19,254 16,514 16,514
Charge for the period 3,351 4,878 8,155
Provision for impairment - 761 3,181
Disposals (3,128) (2,894) (8,596)
------------- ------------- ------------
At period end 19,477 19,259 19,254
============= ============= ============
Net Book Value at period end 10,640 14,879 10,364
============= ============= ============
8. RECEIVABLES
The decrease in the level of receivables from 31 December 2010
of GBP13.72m to GBP5.58m is primarily a result of a decrease in
amounts due in instalments from player sales conducted in previous
transfer windows.
9. SHARE CAPITAL
Authorised Allotted, called up and fully paid
31 December 30 June 31 December 30 June
2011 2010 2011 2011 2011 2010 2010 2011 2011
No 000 No 000 No 000 No 000 GBP000 No 000 GBP000 No 000 GBP000
Equity
Ordinary Shares
of 1p each 220,105 220,051 220,096 90,260 902 90,092 901 90,136 901
Deferred Shares
of 1p each 496,184 493,610 495,754 496,184 4,962 493,610 4,936 495,754 4,957
Non-equity
Convertible Preferred
Ordinary Shares
of GBP1 each 15,967 15,991 15,972 13,980 13,980 14,004 14,004 13,984 13,984
Convertible Cumulative
Preference Shares
of 60p each 19,282 19,286 19,283 16,782 10,070 16,786 10,072 16,783 10,069
Less reallocated
to debt under
IAS 32 - - - - (5,648) - (5,660) (5,647)
-------- -------- ---------
751,538 748,938 751,105 617,206 24,266 614,492 24,253 616,657 24,264
======== ======== ======== ======== ========= ======== ========= ======== =========
10. NON - CURRENT LIABILITIES
Non-current liabilities reflect the non-current element of bank
loans of GBP10.78m (December 2010: GBP11.16m, June 2011: GBP10.97m)
drawn down at the end of the period as part of the Company's bank
facility of GBP34.31m (December 2010: GBP35.06m, June 2011:
GBP34.69) and GBP4.44m (December 2010: GBP4.44m, June 2011:
GBP4.44m) as a result of the reallocation of non-equity share
capital from equity to debt following the introduction of IAS 32
and GBP0.18m (December 2010: GBP0.19m, June 2011: GBP0.14m) of
deferred income.
11. ANALYSIS OF NET DEBT
The reconciliation of the movement in cash and cash equivalents
per the cash flow statement to net bank debt is as follows:
31 December 31 December 30 June
2011 2010 2011
GBP000 GBP000 GBP000
Bank Loans due after more than
one year 10,781 11,156 10,969
Bank Loans due within one year 375 375 375
Cash and cash equivalents (4,108) (2,442) (10,818)
------------ ------------ ---------
Net bank debt at period end 7,048 9,089 526
============ ============ =========
Total debt, including other loans of GBP0.12m (2010: GBP0.13m)
and that arising from the reclassification of equity to debt
following the adoption of IAS32 of GBP4.44m (2010: GBP4.44m)
amounted to GBP11.61m (2010: GBP13.66m).
12. POST BALANCE SHEET EVENTS
Following 31 December 2011, Celtic acquired the permanent
registrations of Mikael Lustig and Rabiu Ibrahim in addition to
entering into a loan agreement for Pawel Brozek while a
pre-contract was agreed with Jaroslaw Fojut from 1 July 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBLFFLLFXBBF
Celtic (LSE:CCP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Celtic (LSE:CCP)
Historical Stock Chart
From Jul 2023 to Jul 2024
